At The Mayer Group, we are generally known for two things…
#1 Viral Marketing
#2. Selling Houses Quickly
In this video, we had a listing that we received 15 showing requests on in less than 24 hours. We used our Coming Soon program where we saturate the social media market using targeted ads to people who are likely to move. In this campaign we had almost 1000 people click the ad, 23 shares and tons of comments.
What happens is when people comment and share, their friends see it and when someone tags someone else in a real estate post its the same as saying publically “Hey Tom I found a house for you!”
What do you think other interested people think in their minds when they see all the comments, likes, & shares???? “This house is going to sell fast we need to move quickly on this one!”
What Happened??
23 showings, 3 offers and we accepted an offer 15k OVER the appraised price and settled in 3 weeks! Sold Fast & For MORE MONEY!
Overpriced listings are the number one reason why 46.5% of houses almost half fail to sell. Start high and lower down little by little until you sell it right at what it’s worth I can see why people want to do that and it does make sense logically however in the real world you’re going to lose money one particular scenario.
I Want My Price & That’s That!
Some people just want a certain amount of money for the house regardless of what you or I or anybody else thinks it’s worth and they’re just going to wait until somebody offers them that amount of money.
I know a guy who actually did this and Solomon’s Island anybody who spent a lot of time down there might know who I’m talking about it was on the market for like 20 years he did finally get his number but this is definitely more of a long-term strategy not going to work for somebody who has to move by a certain date or somebody who has a house to sell first.
Toe Dipper Home Sellers
The next group of people is those that are committed to selling their house it’s more of a dip your toe in the water strategy. Imagine getting into a freezing pool and you let your body get accustomed to the water, you slowly move into the deep end. You’re not one of jump In the deep end person, you just want to move slowly.
Think about it the between dealing with the real estate agents, the haggling over the price, dealing with the repairs, all these people coming to see your house… Then getting everything that you have accumulated over these years moved a short amount of time sometimes feels overwhelming to people and they would rather just ease into it.
Trust Issues Home Seller
The next reason most people overprice their house is probably the most common and that is that they don’t trust the real estate agents valuation maybe that real estate agent doesn’t appreciate all the upgrades and repairs you have done. Maybe they don’t appreciate your neighborhood and your area. Maybe they just don’t sell a lot of houses it’s basically a lack of trust. You don’t trust the real estate agents valuation. You feel you know more about what your home is worth then what they do, so you’re going to be in control and you’re going to be the one who sets the price.
There is actually a psychological phenomenon where people believe that what they own is worth more than what they would pay someone else for the same thing. It’s basically where I think my house is worth more than what I would pay you to buy my house.
Giving Away The Farm Homeseller
I think most people are afraid of underselling their house and just giving away their equity to a buyer, that would be foolish. Of all the scenarios of overpricing your house and how it will play out, this is the only scenario where it will actually work out in your benefit. If you believe your house is worth $400,000 and it’s really worth $450,000 starting high will work in your benefit but in every other scenario, this will actually cost you money.
8909 Milwaukee Avenue North Beach MD
4 Bedroom | 2.5 Baths | .16 Acres | 2342Sqft | Built 2006
This One Will Give You All The Feels! What More Could You Want? This HGTV House Is Ready To Entertain & Is Within Walking Distance To Restaurants, Shops & The Boardwalk! Did You See The Kitchen??
Don’t Feel Like Cooking In Your Gourmet Kitchen With Upgraded Cabinets, Granite Countertops, Stainless Appliances & Double Oven? That’s Okay Walk To Westlawn Inn Instead Or Grab Desert At Sweet Sues Bakery. Enjoy Nature Inside Your Large Screened In Porch Or Fire Up The Grill On Your Stamped Concrete Patio.
Situated Perfectly Only 30 Miles To DC & Less Than 20 mi To Annapolis In The Resort Town Of North Beach MD. Just Outside City Limits So No Town Taxes To Pay! Enjoy The Water Park, Multiple Beaches Nearby, Walking Trails, Boardwalk, Shopping, Boating, The Good Life Awaits!
This Home Comes Pre-Inspected +1Yr Warranty So Do Not Hesitate To See This One Before Its Gone…
The three biggest mistakes buyers make when buying a house. Number one is calling the listing agent, the listing agent has a contractual obligation and is a fiduciary for the seller. Their job is to make sure they represent the seller’s interest in all situations and at no time are they going to be looking out for you.
There’s a big myth that you’re going to somehow get a better deal, just understand that when a seller picks an agent they pay the agent a certain amount of money to sell the house and then that agent pays the buyer’s agent. They’re not going to forfeit their money to you just because you don’t have a buyer’s agent so don’t call the listing agent.
The second biggest mistake I see people make is not vetting their real estate agent and just picking the person that calls them first. It might seem like the person who’s more available is the easier person to deal with therefore the best person to deal with. 87% of real estate agents get out of the business within five years the average real estate agent does less than 10 transactions a year. The mistakes made have life-changing impact, this is the biggest financial transaction most people make and a lot of people don’t put enough effort into vetting the real estate agent.
The third biggest mistake people make is making your buying decision primarily based on money. Understand that first of all you shouldn’t be looking at any houses that are not in your price range and assuming it is in your price range the difference between $5,000 or $10,000 is like $25 and $50 a month that will not change your life but living in a house that you don’t like will change your life.
A lot of times and this is really primarily focused on first-time home buyers, they’ll get stuck on this payment where they can’t go over $1,500 a month in this house is $1,525 so they’ll end up living in a house that they had to settle for because of that $25 a month. I think that’s a huge mistake.
I hope you found this information helpful if you’re looking for a realtor to help you find a house who will help you get a good deal and make sure they protect your interests throughout the process, I would love the opportunity to earn your business Text or call 443-624-9398
When the market heats up like it is we’re getting multiple offers and tons of showings in a short amount of time, what we found is often buyers have a hard time getting a good deal. Sometimes they even have a hard time finding a house where they want to live.
Here are three strategies that we use to help buyers buy properties that are not listed on the MLS. The first strategy that we use is social media targeted marketing to a specific area. If want to move into a neighborhood, we have the ability to create advertisements that only run to people in a specific area. Just to give you an idea of how we do this, we take a picture of the front of the neighborhood sign, create an advertisement “Hey if you’re thinking about selling your house in this neighborhood in 2019 we have a buyer in waiting give me a call” lets see if we can make a deal. We just did this in Wildwood and we got five people to contact us and we were able to put together our buyer with a person who wanted to sell their house.
The next strategy that we use is we can call into the neighborhood. We have a tool that gives us names, phone numbers, cell phone numbers, and email addresses for homeowners address. We take a neighborhood, plug it into this tool and then call into the neighborhood “hey do you know anybody was thinking about selling the house, are you thinking about selling your house.” That’s a great way to leverage your time to call 50 or 60 people in the neighborhood and really get the word out quickly.
The last strategy is boots-on-the-ground. We get some flyers together and canvas the neighborhood. We just did this with a townhouse neighborhood and we had three people contact us and said they were thinking about selling their house in the next year. We were able to have our buyers go preview those houses that weren’t even on the internet and were not listed in the MLS.
So if you’re in the market in 2019 and you’re trying to find a way to get a good deal, or there’s a specific neighborhood that you want to move into, I would love to talk to you about how we can help you.
There are lots of reasons it’s a much better process to have your home pre-inspected. Here are a few
#1. On average pre-sale repairs cost 1/2
The buyers will have an inspection and once they discover the repairs they will demand that a certified plumber repair any plumbing issues, an electrician fix all the electrical issues and so on.
In fact, in the actual Maryland contract form called The Property Inspections Notice it states that
#2. Pre Negotiate The Repairs
In the photo below we sold 8430 Stock Drive with an addendum stating the roof will NOT be replaced. In fact, we got multiple offers in 3 days so we counter offered that whoever didn’t want a new roof would win the deal (The pre-inspection noted 4 leaks and rotten plywood $12,500)
You lose the power to negotiate once the price has been agreed on and the inspection is afterward…
#3. Buyers Perceive Houses That Have Been Pre-Inspected Are Worth More $$$
Now we are getting into the secret sauce of selling houses for more money! It’s all about getting the buyer to perceive the house is worth more money and it translates into up to 1 – 2% more!!!
Think about it, 2 similar houses each 20 years old and the buyer is making the largest financial decision of their life to this point and one house is a Certified Pre-owned Toyota house and the other is a roll the dice and see what happens during the home inspection house…
Brian 443-624-9398
p.s. we financially invest in our client’s success. A pre-inspection, appraisal, staging, professional photos are just a few things we pay for, to learn more watch this video HERE
Did you know that a Toyota Certified Pre-Owned cars sell for $2000 more money? A 120 point inspection and warranty are the two differences between a regular used Toyota and a Toyota Certified Pre-Owned car. What does that have to do with selling houses?
On average homes that have been pre-inspected and come with a home warranty sell for 1-2% more money WOW!
Think about it, the house purchase is the single largest purchase most people make in a lifetime and buyers are petrified about what repairs they will have to make after they move in.
By demonstrating the house has been through a 120 point inspection has multiple advantages more on that in this video. But one of the main advantages is the fact that the house is perceived to be worth more money because its a safer bet.
All things being equal a buyer will perceive a pre-inspected house to be worth 1-2% more money. Stack a free home warranty on and you have a game changer!
In the last article I wrote about replacing the carpet and hopefully, it made sense that some repairs will net more money than they actually cost.
Assuming you might want to consider making some upgrades where should you start?
First of many shameless plugs! – Text or Call us 443-624-9398 to have our home stager give you a FREE evaluation of how to prep your home for sale!
New cabinet pulls should do the trick!!!
We believe in doing the things that will give you the most bang for your buck and starting with the least expensive items to the most expensive.
Paint, door handles, faucets and shower curtains are typically the least expensive changes. Of course for free, removing items and moving things into storage is often more helpful especially when there is a strong decorative tase in the home.
But how about the big ticket items like a roof and granite countertops? Again definitely call us before doing those first of all because our granite guy can do them under $2500 most of the time (10 times in 2017 alone)
Here is the list of items and their return on investment according to houselogic HERE
p.s. an expert tip here – Woman make the home choice more often than the men and they focus on the kitchen and master bath
That is the question! So the answer is of course it depends…
There are lots of factors to consider but as a general rule here is what we know
#1. People make buying decisions emotionally and justify their decision with logic after the fact (heard of an impulse buy?) #2. People’s emotions are triggered by what they see visually – hang with me there is a point here #3. Most buyers go to settlement with less than $1500 in the bank (I was a lender for 5 years it’s true!) #4. Buyers perceive repairs and upgrades as 2-7 x the actual cost plus the hassle of having to do the work #5. Buyers want to make their friends and family envious of their new home (your carpet is NOT helping)
Using this logic lets determine if you should replace the carpet!
Buyers will make the offer based on how strongly they feel that they must have your house which is determined by what they see – the cost & hassle of repairs – losing the envy of friends and family = YOUR OFFER makes sense right?!
From here we can determine as a general rule …yes you should replace the emerald green carpet in the dining room!!!
Thats actually only the beginning I made this video to explain more reasons about the buyers decision process
Some people just want a certain amount of money for the house regardless of what you or I or anybody else thinks it’s worth and they’re just going to wait until somebody offers them that amount of money.
The next group of people is those that are committed to selling their house it’s more of a dip your toe in the water strategy. Imagine getting into a freezing pool and you let your body get accustomed to the water, you slowly move into the deep end. You’re not one of jump In the deep end person, you just want to move slowly.
The next reason most people overprice their house is probably the most common and that is that they don’t trust the real estate agents valuation maybe that real estate agent doesn’t appreciate all the upgrades and repairs you have done. Maybe they don’t appreciate your neighborhood and your area. Maybe they just don’t sell a lot of houses it’s basically a lack of trust. You don’t trust the real estate agents valuation. You feel you know more about what your home is worth then what they do, so you’re going to be in control and you’re going to be the one who sets the price.
I think most people are afraid of underselling their house and just giving away their equity to a buyer, that would be foolish. Of all the scenarios of overpricing your house and how it will play out, this is the only scenario where it will actually work out in your benefit. If you believe your house is worth $400,000 and it’s really worth $450,000 starting high will work in your benefit but in every other scenario, this will actually cost you money.
